Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

22. Quarterly Results of Operations (Unaudited)

Set forth below are the company’s 2019 and 2018 results for the quarters ended March 31, June 30, September 30 and December 31.

($ in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2019
Net sales	$	2,785	$	3,017	$	2,953	$	2,719	$	11,474
Gross profit (a)		407		463		468		437		1,775
Earnings before taxes	$	140	$	226	$	119	$	123	$	608
Net earnings (loss) attributable to Ball Corporation	$	117	$	197	$	92	$	160	$	566
Basic earnings (loss) per share (b)	$	0.35	$	0.59	$	0.28	$	0.49	$	1.71
Diluted earnings (loss) per share (b)	$	0.34	$	0.58	$	0.27	$	0.48	$	1.66
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2018
Net sales	$	2,785	$	3,101	$	2,946	$	2,803	$	11,635
Gross profit (a)		418		483		466		431		1,798
Earnings before taxes	$	152	$	166	$	192	$	123	$	633
Net earnings attributable to Ball Corporation	$	125	$	119	$	59	$	151	$	454
Basic earnings per share (b)	$	0.36	$	0.34	$	0.17	$	0.45	$	1.32
Diluted earnings per share (b)	$	0.35	$	0.34	$	0.17	$	0.44	$	1.29

(a) Gross profit is shown after depreciation and amortization related to cost of sales of $488 million and $509 million for the years ended December 31, 2019 and 2018, respectively.

(b) Earnings per share calculations for each quarter are based on the weighted average shares outstanding for that period. As a result, the sum of the quarterly amounts may not equal the annual earnings per share amount.

The unaudited quarterly results of operations included business consolidation and other activities that affected the company’s operating performance. Further details are included in Note 6.